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Answers (17)
- Lisa Pederson, "La Jolla Coast Agent"
- Contributions:2
La Jolla has many great homes under 1M, as well as some fantastic short-sale and foreclosure deals. The obvious advantage is the price difference. As the other agents state, there can be prolonged waiting and risk involved with added approvals from banks and changes in the market. You will also want to consider the condition of the home. Some short sales and foreclosures are left unkept and sometimes damaged. If you decide to go either route, I would be happy to help. I know La Jolla well and offer 2 days of design support for all my clients.
Best of luck,
Lisa, Coldwell Banker Realtor
[contact information and website removed by Zillow moderator]
- LauraSanDiego
- Contributions:16
Hello!
Did you find the information you needed to make an educated decision when purchasing a home in La Jolla, Ca? There are pros's & con's to each type of sale. I am a local agent and San Diego Native. I research each property for my clients to fit their needs.
Let me know if I can help!
Laura "San Diego" Kelley
Did you find the information you needed to make an educated decision when purchasing a home in La Jolla, Ca? There are pros's & con's to each type of sale. I am a local agent and San Diego Native. I research each property for my clients to fit their needs.
Let me know if I can help!
Laura "San Diego" Kelley
- Kara Watkins Norgart, "Kara Watkins Norgart"
- Contributions:4
Hi Zimoanhe,
a great new listing just hit the market today in Windansea. It was on the market as a short sale a few months back for over 1.3M and now is investor owned at just over 900k. Just a block to the famous surfing beach and close to the village as well. Let me know if you would like me to email you details.
Kara
[contact information and website removed by Zillow moderator]
a great new listing just hit the market today in Windansea. It was on the market as a short sale a few months back for over 1.3M and now is investor owned at just over 900k. Just a block to the famous surfing beach and close to the village as well. Let me know if you would like me to email you details.
Kara
[contact information and website removed by Zillow moderator]
- Kirby Scofield, "kirbyscofield"
- Contributions:4
When you purchase a new home:
With any investment, cover your basics, and use Math. The Math Index is a easy tool to figure if you are making the right deal. Rents will always go up, where prices fluctuate. So if you aim for 10% of more on a purchase you are pretty safe.
Example:
38,000 for a 1 bed condo in Las Vegas, w/$100m HOA
$650 rent- $100 HOA = $550x12months= $6600
$6600/38000= 17.4% minus vacancy and repairs/maintence you are always a profit.
With any investment, cover your basics, and use Math. The Math Index is a easy tool to figure if you are making the right deal. Rents will always go up, where prices fluctuate. So if you aim for 10% of more on a purchase you are pretty safe.
Example:
38,000 for a 1 bed condo in Las Vegas, w/$100m HOA
$650 rent- $100 HOA = $550x12months= $6600
$6600/38000= 17.4% minus vacancy and repairs/maintence you are always a profit.
- Bryan & Rachel Hoffman, "Bryan Hoffman"
- Contributions:13
Send over your search parameters and I'll send email you what is available.
- Derek Rotzinger, "Derek Rotzinger"
- Contributions:31
Get with someone who knows La Jolla. I was born and raised in San Diego and frequent La Jolla every week. There are some affordable options right now, even in the village. Considering short-sales and foreclosures take up a big bulk of the market, you can't avoid them and, in fact, allow you to get a better price then you normally would if it were traditional. Shoot me a message if you'd like to talk more.
- Cindy Greenwald
- Contributions:58
Firstly I would recommend you work with an agent who knows the La Jolla market. Secondly, there is only one zip code for La Jolla, 92037. However, this zip code encompasses the area around the Univeristy of California, San Diego. Many of these properties currently for sale are condos and are located quite close to the campus. La Jolla "proper" is most likely the area you are interested in. Yes, there are some homes under $1M but most likely they are older homes and not in top condition, so you must be prepared to invest time and money in updating these homes. La Jolla is one of the most "upmarket" areas we have in San Diego. Short sales and REO's are a possible to find as long as you have an agent working hard to locate those properties for you. Believe me, when a good deal pops up..it's gone in days. You must be prepared to move quickly if you want to take advantage of some of the good deals in our community. Good Luck! Cindy Keller Williams-La Jolla Market Center
- Cheryl Talbot Real Estate, "Virginia Beach Homes"
- Contributions:674
Let me suggest getting with a Realtor in La Jolla to assist you with buying a home there. You can easily find the best and brightest Realtors by searching online. They specailize in the market there and will know what you need to look for in buying a home. Thank you for your question.
- Jim McInerney & Rachel Christensen, "McInerneyGroup"
- Contributions:15
Hi There!
There is a great market currently for homes on La Jolla under 1 Million. If you can be patient with the short sale pro ess, like 3-4 months then you can get an additional benefit from purchasing a short sale- for example 10-15 percent lower price than a traditional sale.
-Jim McInerney
There is a great market currently for homes on La Jolla under 1 Million. If you can be patient with the short sale pro ess, like 3-4 months then you can get an additional benefit from purchasing a short sale- for example 10-15 percent lower price than a traditional sale.
-Jim McInerney
- Sinead McAllister, "Oceanside Specialist"
- Contributions:142
Hi Zimonhe2609!
Are you interested in detached homes or condos/townhouses too? All told there are 133 available properties in La Jolla. With a REO (bank owned home), you can get a killer price, but there is probably some work to be done on the property. With a short sale, you can also get a great price, but you have to wait for the bank to maybe approve it or not. If you can be patient and not get your hopes up, short sales can be a great deal. It's important to work with an agent that is familiar with these types of transactions. Traditional sales are nice and neat compared to the first two, and prices are usually a little higher, but still good since they have to compete with the short sales and REOs. Feel free to contact me directly to assist you, I would love to help.
Happy Halloween!
Are you interested in detached homes or condos/townhouses too? All told there are 133 available properties in La Jolla. With a REO (bank owned home), you can get a killer price, but there is probably some work to be done on the property. With a short sale, you can also get a great price, but you have to wait for the bank to maybe approve it or not. If you can be patient and not get your hopes up, short sales can be a great deal. It's important to work with an agent that is familiar with these types of transactions. Traditional sales are nice and neat compared to the first two, and prices are usually a little higher, but still good since they have to compete with the short sales and REOs. Feel free to contact me directly to assist you, I would love to help.
Happy Halloween!
- Marvin Collier, "MarvinCollierJr"
- Contributions:74
To try and answer your first question, the top row is as of the end of Sept 2011, the bottom is as of Sept 2010. YTD sales volume is at a slight increase while price appears to be slightly declined. Of couse other factors need to be considered, like price per square foot, etc... . but this indicates to me that La Jolla has held, not much change. Possible to see the differnce you would want to compare YTD statistic with the market peak Stats from 2006/2007.
You can obtain more information by going to www.SDAR.com clicking on the economic information button and then clicking on Recent Local Sales Statistic, rememeber there statistics and only one indicator of the market trends.
This if for detached homes, you can go to the SDAR web site for additonal attached stats etc... There are other market reports that can be sent to you.
The rows below get distrorted when I submit this data to the site. Best to go to the site and view the SDAR report, need more info let me know.
92037 La Jolla
Sold Listings AVG Days On MK Medium Price
Month YTD M YTD Month YTD
21 202 106 95 $1,300,000 $1,334,500
25 191 105 103 $1,315,000 $1,349,000
You can obtain more information by going to www.SDAR.com clicking on the economic information button and then clicking on Recent Local Sales Statistic, rememeber there statistics and only one indicator of the market trends.
This if for detached homes, you can go to the SDAR web site for additonal attached stats etc... There are other market reports that can be sent to you.
The rows below get distrorted when I submit this data to the site. Best to go to the site and view the SDAR report, need more info let me know.
92037 La Jolla
Sold Listings AVG Days On MK Medium Price
Month YTD M YTD Month YTD
21 202 106 95 $1,300,000 $1,334,500
25 191 105 103 $1,315,000 $1,349,000
- Marvin Collier, "MarvinCollierJr"
- Contributions:74
Currently in the single family detached there are not a lot of short sales in La Jolla.
There are disadvantage to the short sale and foreclosure process. For one you can make an offer on a short sale and wait a long time for an answer from the bank of no or we want more money, or while you're waiting the owner decides to, or has to, let the property go to foreclosure.
For a foreclosure you have to go to the court house steps and bid, or a selected place of public action, you generally buy unseen and always buy subject to any superior leans. You must be certain as to what lean you are bidding on. Additionally you buy without disclosure of possible issues that can affect the value of the property. The list is long and complicated; this is not for the novice.
REO are generally better properties that the banks have foreclosed on and for one reason or another bank has decided not to sell at public auction and choose to hold in the banks inventory, generally because the bank believes that with this particular property can be sold on the open market for more money, possibly recouping more of the banks loss, etc….
You will find short sales through a REALTOR generally listed in the realtor MLS, there appears to be two single family detached in LA Jolla currently, you will need to find foreclosure sales through the county's court house public sale list, and then an REO when the banks start releasing them, (Haven't sceen to many of them in SD Co since the market slide began in 96) You maybe will be able to even find a real good deal but it will take work, time and patience. You can spend a lot of time doing this. So it is important up front to establish your goal and desires. How soon do you need the home?, Do you want detached, or attached,? etc....
- Greg Von Herzen, GRI,MCNE, "vhproperties"
- Contributions:1427
There's about 30 detached homes in 92037 now ranging in size from 525 sq ft to 3300 sq ft. Location, view, and condition will be the determining factors...and there are a lot of houses in disrepair in La Jolla.
Re SS and REO vs traditional, I would say the advantage would go to an REO property, knowing that you would get a good price, but it would need work done to it. SS's are arduous and may or may not be approved by the lender(s), so I prefer traditional sales whenever possible if they are priced right - they can also do some repairs if needed.
Re SS and REO vs traditional, I would say the advantage would go to an REO property, knowing that you would get a good price, but it would need work done to it. SS's are arduous and may or may not be approved by the lender(s), so I prefer traditional sales whenever possible if they are priced right - they can also do some repairs if needed.
- Jerry Heard, "jlheard"
- Contributions:11
The "real" La Jolla is zip code 92037 and in that zip code there are currently 30 detached homes for sale under one million dollars. They range in size from 528 square feet to just under 3400 square feet.
If you consider condos then there are an additional 98 homes available ranging from 504 to 2903 Sq. Ft.
The current market is dominated by short sales and foreclosures. Short sales generally take a lot longer to complete than regular sales or foreclosures.
Now is a great time to buy; interest rates are the lowest in decades and prices remain low.
Good luck with your search.
If you consider condos then there are an additional 98 homes available ranging from 504 to 2903 Sq. Ft.
The current market is dominated by short sales and foreclosures. Short sales generally take a lot longer to complete than regular sales or foreclosures.
Now is a great time to buy; interest rates are the lowest in decades and prices remain low.
Good luck with your search.
- Chris Gorno, "5 Star SoCAL Agent"
- Contributions:27
Hello ~
I agree with Jason, he answered your 1st question well. There can be advantages in any type of sale, if you have a great agent negotiating for you. Short "sales can be priced 10% below market value or more. Foreclosures ( also known as REO) generally priced below market value as well, but there will not be any disclosures on the history of the property. Your agent may want to renegotiate the price after the home inspection is done, if major issues surface. Traditional sales depend on the Sellers motivation to sell and move on.
Each time you locate a home of interest, that you may want to make an offer on, it is an evaluation process that your agent will help you with. No matter what, it is a GREAT time to buy, interest rates are the best in our LIFETIME, home prices have fallen 30-50%. A good agent can reccommend a great Lender for you as well, if you don't already have someone.
Wishing you the best in finding a Screaming Deal!
Chris
I agree with Jason, he answered your 1st question well. There can be advantages in any type of sale, if you have a great agent negotiating for you. Short "sales can be priced 10% below market value or more. Foreclosures ( also known as REO) generally priced below market value as well, but there will not be any disclosures on the history of the property. Your agent may want to renegotiate the price after the home inspection is done, if major issues surface. Traditional sales depend on the Sellers motivation to sell and move on.
Each time you locate a home of interest, that you may want to make an offer on, it is an evaluation process that your agent will help you with. No matter what, it is a GREAT time to buy, interest rates are the best in our LIFETIME, home prices have fallen 30-50%. A good agent can reccommend a great Lender for you as well, if you don't already have someone.
Wishing you the best in finding a Screaming Deal!
Chris
- Jason Richards, "San Diego Coastal"
- Contributions:5
La Jolla is made up of 5 zip codes and has some distinctly different areas. Taking all of these 5 zip codes into account and looking at homes less than $1 million, the following markets statistics are as follows...
-132 active homes for sale (30 detached amd 102 attached)
-Less than 20% are shor sales
-63 homes with offers or in escrow
-157 sold over the last 6 months (26 month average or a 5 month supply)
Depending on what type and size of home your are looking for will determine the location.
There are advantages and disadvantages to buyinf through the traditional process. The main advantage is that most people who are selling today are not selling by choice but by need. This creates buying opportunities and the possibility of additional discounts depending on the seller's situation. The key is having a broker who can thoroughly investigate the seller's situation and the property to determine the sellers strengths and weaknesses. This is critical to forming your acquisition strategy.
Let me know your specific search criteria and I would be happy to provide further intel on the specifics of that area.
[contact information deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines.]
Cheers....
-132 active homes for sale (30 detached amd 102 attached)
-Less than 20% are shor sales
-63 homes with offers or in escrow
-157 sold over the last 6 months (26 month average or a 5 month supply)
Depending on what type and size of home your are looking for will determine the location.
There are advantages and disadvantages to buyinf through the traditional process. The main advantage is that most people who are selling today are not selling by choice but by need. This creates buying opportunities and the possibility of additional discounts depending on the seller's situation. The key is having a broker who can thoroughly investigate the seller's situation and the property to determine the sellers strengths and weaknesses. This is critical to forming your acquisition strategy.
Let me know your specific search criteria and I would be happy to provide further intel on the specifics of that area.
[contact information deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines.]
Cheers....
- Justine Laes, "JustineL"
- Contributions:4
You will want to research the local area in California. You posted this query to agents that specializes in the Appleton, WI market.
The best thing for you to do is some online due diligence of the area, the economy and the brokerages. That will help you get you started.
The best thing for you to do is some online due diligence of the area, the economy and the brokerages. That will help you get you started.
I'm interested in buying a home in La Jolla. What is the market there for homes under 1M?
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